MIAMI, FL  – Wood Partners, a national leader in multi-family real estate development and acquisition, announced the grand opening of its newest luxury residential high-rise community – Yard 8 – in Midtown Miami, Florida.

Yard 8 occupies an area that was once part of the Buena Vista Rail Yard, located at 2901 NE 1st Avenue, placing the new, modern community in the midst of an area teeming with history and culture.

“We are thrilled to bring Yard 8 online in Midtown Miami, one of the most desirable neighborhoods in South Florida,” said Jeff Quinlivan, Managing Director for Wood Partners. “The area is unique. Residents have fantastic access to both everyday retail as well as very fascinating restaurants, shops and bars.”

Midtown, a walkable neighborhood reminiscent of New York’s SoHo district, is situated between the Design District to the north and Wynwood to the south. Collectively, the area is the epicenter of Miami’s burgeoning creative scene and world-renowned for many colorful murals, boutique fashion stores, indoor-outdoor eateries, music venues, craft breweries and contemporary art galleries.

Designed with an industrial edge, Yard 8 interiors feature open-concept spaces with concrete loft-style ceilings juxtaposed with modern luxury finishes. Unit amenities include floor-to-ceiling windows, custom Italian cabinetry, and frameless glass showers, which bring a sophisticated experience to a neighborhood that embodies Miami’s urban and electric culture.

Yard 8 community residents will have access to Wood Partners’ immersive cultural program, the Ground Floor Project®. This project brings acoustic music, spoken word and local dance performances to Yard 8, providing residents with a connection to the vibrant cultures that surround the new community, while also boosting the local arts scene.

Yard 8 offers its residents uniquely curated amenities including a bistro-inspired clubhouse with a demonstration kitchen that provides a community-building space to retreat and meet neighbors. Residents can utilize the expansive, on-site fitness center, which includes Peloton bikes, a yoga studio and state-of-the-art cardio and weight-training machines.

The property also offers an unparalleled rooftop oasis featuring a resort-style pool surrounded by lush, tropical landscaping, offering views of nearby Biscayne Bay and Downtown Miami. The community features approximately 30,000 SF of ground floor retail within this energetic and walkable metropolitan district.

Yard 8 is currently leasing and is ready for immediate go-ins. The community totals 387 units, featuring studios, 1-, 2- and 3-bedroom units. Yard 8 joins a list of 5 properties managed by Wood Partners in Florida.

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SAN ANTONIO, TX – Passco Companies, a privately held California-based commercial real estate company that specializes in acquisition, development, and property and asset management throughout the U.S., has bought Tribute at the Rim, a 380-unit, Class A+ luxury apartment community in San Antonio, Texas.

With San Antonio ranking among the top two cities in the United States for population growth for the past two years, this asset is an ideal complement to Passco’s existing portfolio, in line with the firm’s strategy to buy Class A, core multifamily properties in markets with strong growth fundamentals, according to Jake Niles, Director of Acquisitions – West at Passco Companies.

 “Tribute at the Rim will continue to benefit from San Antonio’s strong job and population growth, as well as its unmatched positioning within the heart of The Rim, a master-plotted ‘live, work, play’ community that includes the largest retail power center in Texas,” clarifies Niles. “This location offers residents exceptional walkability, with convenient access to over 110 restaurants, premier shops, huge box retailers, and services.”

Tribute at the Rim is also located in close proximity to Interstate 10 and Loop 1604, providing residents with ease-of-access to San Antonio’s two main employment hubs, the Northwest/Far Northwest and North Central/Far North Central office submarkets. These two submarkets combined account for over 60 percent of San Antonio’s Class A office space, notes Niles.

“This property offers employees a small and convenient commute to several of San Antonio’s top companies, including Valero Energy, NuStar Energy, and USAA, which are all headquartered in the city,” says Niles. “Further, the South Texas Medical Center, one of the largest employment hubs in the region, is located just seven miles from Tribute at the Rim. The Medical Center currently employs more than 56,000 professionals and holds 290 acres of land for future development, which will drive increased demand for multifamily down the line.”

According to Niles, the community offers upscale, urban-style living well-aligned with its location in Northwest San Antonio, one of the city’s most affluent submarkets.

Niles also clarifies that while there was an uptick in multifamily construction in response to the recent population boom, there is small new supply currently in the pipeline despite sustained demand, and low potential for more competition in the immediate area.

 “Tribute at the Rim, due to its luxury amenities and exceptional location, overwhelmingly attracts renters-by-choice who delight in the urban lifestyle and comprehensive resources that the community provides,” continues Niles. “The property is also within an exceptional school system, the Northside Independent School District, further increasing its appeal to prospective residents.”

Competitive community features include an infinity pool with fire pit, a fourth-floor sky lounge, a 24-hour health club facility, virtual fitness-on-demand classes, a convenient parking garage, multiple elevators, a bark park and dog grooming station, package concierge services, a bike storage and repair room, and an electric car charging station. Tribute at the Rim also has a community backyard with hammocks and grills, a conference room, a community room, and several other meeting spaces and social areas.

The community offers units with a range of one-, two-, and three-bedroom floorplans that include polished chrome hardware and fixtures, walk-in showers, walk-in closets with built-in wood shelving, USB ports, and NEST thermostats. The kitchens are furnished with quartz countertops, modern high-gloss cabinetry, ceramic-top ranges, glass backsplashes, Moen gooseneck pull-down faucets, and refrigerators with water and ice dispensers.

JLL represented the seller, Kairoi Development, on the disposition, which was led by Managing Director Scott Lamontagne and Executive Vice Presidents Moses Siller and Zar Haro.

“Tribute is among the most iconic multifamily assets in San Antonio and easily the most walkable,” says Lamontagne, noting that the community is located in the city’s most dynamic submarket. “JLL was thrilled to represent the seller and help bring Passco into the San Antonio market with such a marquee transaction.”

While this is Passco’s first multifamily acquisition in San Antonio, the firm has been highly active within Texas markets over the past several years, acquiring a total of more than 3,440 units. 

Tribute at the Rim, constructed in 2017, is located at 5810 Worth Parkway in San Antonio, Texas. 

Chris Black and Caleb Marten of KeyBank Real Estate Capital’s Commercial Mortgage Group arranged acquisition financing on behalf of Passco Companies.

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NEW YORK, NY – Trepp, LLC, a leading provider of information, analytics, and technology to the structured finance, commercial real estate, and banking markets, has released its May 2019 US CMBS Delinquency Report. 

The Trepp CMBS Delinquency Rate has reached a post-financial crisis low yet again, falling 16 basis points to 2.66% in May. The delinquency rate has decreased by 146 basis points year over year, with the rate falling in 20 of the last 23 months since June 2017.

“The CMBS market has remained remarkably resilient in the face of recent volatility,” said Trepp Senior Managing Director, Manus Clancy. “Spreads have widened, but only minimally even though tariffs and trade rhetoric have taken their toll on other markets. CMBS issuance continues to march on, and as we’ve seen for the last two years, CMBS delinquencies continued to drop in May.”

The largest rate drop among major property sectors in May belonged to the retail space, with its delinquency reading dropping 33 basis points to 4.29%. Multifamily delinquencies climbed 17 basis points to 2.16% last month. The lodging delinquency reading dropped 13 basis points to 1.42% and it remains the best performing major property type. The office delinquency rate also fell by 13 basis points, reaching 2.98%.

The overall CMBS 2.0+ delinquency rate jumped four basis points in May to 0.74%, while the percentage of CMBS 2.0+ loans in serious delinquency was up eight basis points to 0.64%. The CMBS 1.0 delinquency rate declined by 209 basis points to 44.37%. Since no legacy loans were marked as 30 days delinquent, the percentage of 1.0 debt considered seriously delinquent was also down 209 basis points to 44.37%. Previously delinquent loans that were resolved with losses are responsible for the huge drops in the CMBS 1.0 delinquency figures.

The full report can be accessed at Trepp.com

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